Five key takeaways from the second Ireland INC Leadership Series webinar, in association with KPMG

The five key takeaways are:

1. There are opportunities for performance improvement and optimisation, particularly in relation to digital transformation
2. Figure out if it’s right for your business to be more cautious or less cautious
3. Make decisions – Refusing to take action can exacerbate difficulties
4. Good leadership requires honesty, and strong engagement with all levels of a business
5. Good data means nothing without the human element of decision making

‘No Line on The Horizon: Assessing Opportunities for Growth & Innovation in a New World’ was the theme discussed by guest panellists Imelda Hurley, Chief Executive Officer of Coillte, Kieran Wallace, Head of Restructuring & Forensics, Head of Private Enterprise, KPMG in Ireland and Kieran O’Brien, Partner, Management Consulting, KPMG in Ireland during a live webinar yesterday, Tuesday 18th August.

The 45 minute webinar featured relevant information for companies on how to best navigate the unlimited opportunities for growth in a New World and the steps they must take in order to avail of them. Also, how the Irish business landscape will be impacted by Covid-19 into the future.

If you missed the webinar, you can register to view it here.

1. There are opportunities for performance improvement and optimisation, particularly in relation to digital transformation

Kieran O’Brien, Partner, Management Consulting, KPMG in Ireland, spoke in detail about businesses taking a step back to rebalance their processes and operations. He said: “I have a number of clients who have accelerated their digital journey – how they introduce automation and take away manual processes – to get more accurate numbers.”

Prior to the Covid-19, people were simply not afforded the space to re-evaluate how their businesses work. Now with increased digitisation, and with commuting times cut, there is space to reflect.

2. Figure out if it’s right for your business to be more cautious or less cautious

When asked if companies should be more cautious or less heading into the future, Imelda Hurley, Chief Executive Officer of Coillte, said it is for businesses to figure out on an individual basis. She said: “Businesses are fundamentally used to managing risk. We live in uncertainty, and that is hard to manage. What is needed is businesses need to assess their risk appetite […] and what success might look like.

“Survival is a real representation of success for so many businesses. Figure out for your business if it’s right to be more cautious or less cautious.”

3. Make decisions – Refusing to take action can exacerbate difficulties

Kieran Wallace, Head of Restructuring & Forensics, Head of Private Enterprise, KPMG in Ireland, said that, although business structures and dynamics differ from one business to another, that it is important regardless to understand what drives a business: “[Covid-19] rewards teams that understand the fundamentals of their business, and understand what drives their business on a week-to-week basis. Businesses, even in times like this, have to make decisions, and sometimes those decisions are not necessarily nice decisions. By not making decisions, it actually causes more issues for a business.”

Mr. Wallace says this based on personal experience: “[I see] businesses in trouble 9 times out of 10 because a company hasn’t made a decision, not because a company has actually made a decision.”

4. Good leadership requires honesty, and strong engagement with all levels of a business

Imelda Hurley spoke about the changing nature of leadership styles, and how leadership needs to take shape in a post-Covid world: “There are different leadership styles. Leadership has been evolving, even the thinking around leadership. People at all levels of an organisation need to be communicated with. Leadership now, over the last number of months, has been about being open, and demonstrating you don’t have the answers to everything.

“The ‘do as I say, I’m in charge’ approach hasn’t worked in a long time. Leadership needs to be about strong engagement.”

5. Good data means nothing without the human element of decision making

Kieran O’Brien spoke of the importance of decision making when looking at data. He said: “It’s nice to have data and dashhboards, but unless it’s for a reason, for decision-making, then what’s the point? […] When you think about strategic initiatives, do you have the data you need? It’s important to know what you need to answer. It’s not just about data, it’s about mindset I don’t just spend money on something because I did it last year.”